Fuel prices hiked: Petrol up by Rs 5, diesel by Rs 3

ADDING FUEL TO FIRE: The PM will address the nation to explain the reasons for the hike on Wednesday night.

    

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New Delhi: After weeks of deliberations, Petroleum Minister Murli Deora on Wednesday announced that petrol prices will be hiked by Rs 5 per litre while diesel prices will be raised by Rs 3 per litre. The increase in prices would be effective from midnight tonight.

The Government also said that prices of LPG will be hiked by Rs 50. However, there will be no increase in kerosene prices, he added.

Speaking to CNN-IBN minutes after the press conference, Deora justified the Government's decision saying, "Forget about rollback, we had no option but to take this step. PM will explain to the nation on the need for rise in prices. We should also remember that nowhere in the world is kerosene available at Rs 9."

Following are the highlights of the decisions on petroleum sector taken at a meeting of India's Cabinet Committee on Political Affairs, presided over by Prime Minister Manmohan Singh:

• Petrol prices to be hiked by Rs 5 per litre

• Diesel to be hiked by Rs 3 per litre

• No hike in kerosene prices

• Cooking gas to be dearer by Rs 50 per cylinder

• Hikes to take effect from 12 am on Thursday

• Petrol to cost Rs 50.52 per litre in Delhi

• Petrol to cost Rs 55.51 per litre in Mumbai

• Diesel to cost Rs 34.76 per litre in Delhi

• Diesel to cost Rs 39.08 per litre in Mumbai

• Import duty on crude oil reduced to nil from 5 per cent

• Import duty on diesel and petrol cut to 2.5 per cent from 7.5 per cent

• Excise duty on petrol and diesel cut by Rs 1

• Excise, tariff cuts to cost exchequer Rs 226 billion this fiscal

• Oil retailers to earn Rs 211 billion more this fiscal due to hike

• Government to issue oil bonds worth Rs 946 billion to help oil firms

Petrol price movement since 2004